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The bottom is still not in sight for NFT sales, which have tumbled to their lowest level since 202. Onchain analytics firm Santiment says a new Bitcoin all-time high isn’t likely unless social sentiment cools down. Meanwhile, the United States Securities and Exchange Commission filed settled charges against Mango Markets operators.
NFT sales plummet to lowest monthly volume since 2021 — CryptoSlam
Non-fungible token (NFT) sales continued their downward trajectory in September as digital collectibles’ monthly sales volumes failed to recover.
Data from CryptoSlam shows that NFTs recorded $296 million in sales during September — a 20% decrease from August’s sales volume of $373 million. The figure is an 81% drop from the $1.6 billion in sales volume recorded in March, digital collectibles’ strongest month in 2024.
Digital collectibles have not seen a monthly sales volume below $300 million since January 2021, when the monthly sales volume fell to $109 million.
Apart from sales volume, total NFT transactions dropped 32% from 7.3 million in August to 4.9 million in September.
Despite the many negative statistics in the NFT space for September, the average value of NFT transactions increased by 18% from $50.71 in August to $60 in September.
Bitcoin ATH unlikely as long as social sentiment runs too hot
Bitcoin may not post a new all-time high anytime soon, with crypto market sentiment at its highest level for months, according to Santment.
On Sept. 30, onchain analytics platform Santiment stated that those expecting a new Bitcoin all-time high may need to first wait until the crowd “slows down their own expectations.”
It looked into social sentiment data, adding that there are currently 1.8 bullish posts about Bitcoin for every one bearish post.
Bitcoin is currently trading at $64,406, around 12.6% down from its March all-time high of $73,734, according to CoinGecko.
Additionally, the asset was retreating sharply during early trading on Sept. 30, falling almost 2% over the past six hours to the time of writing.
SEC files settled charges against Mango operators
The United States SEC filed settled charges against Mango DAO and Blockworks Foundation for “engaging in the unregistered offer and sale of crypto assets called “MNGO” tokens,” on Sept. 27.
According to the filing, the entities involved raised more than $70 million for their “unregistered” organization, including funding from US-based investors.
The charges against Mango DAO and Blockworks Foundation were filed as settled, as the orgs have agreed to pay the SEC $700K in civil penalties, destroy any remaining Mango tokens, and petition markets and holders still in possession of the coins to delist and drop them.
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